Change in substantial holding

To Company Name/ SchemeDowner EDI Limited
ACN/ ARSN003 872 848
1. Details of substantial holder (1)
NameL1 Capital Pty Ltd and each of the entities set out in Annexure B
ACN/ ARSN (if applicable)L1 Capital Pty Ltd (125 378 145) and L1 Capital Strategic Equity Management Pty Ltd (648 751 928)
There was a change in the interests of the substantial holder on
The previous notice was given to the company on
The previous notice was dated
2. Previous and present voting power
*Based on issued capital of 671,573,679 shares
3. Changes in relevant interests
See Annexure A
4. Present relevant interests
Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:
See Annexure B
Voting power (5)
FPO
Class of securities (4)
11.67%
Person's votesVoting power (5)Person's votes
87,233,369 12.99%78,378,937
Person's votes affected
Person whose relevant interest
changedNature of change (6)
Consideration given in
relation to change (7)
21/02/2024
4/08/2023
4/08/2023
The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when
last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:
Present noticePrevious notice
Person's votes
Form 604
Corporations Act 2001
Section 671B
Notice of change of interests of substantial holder
Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial
holder was last required to give a substantial holding notice to the company or scheme are as follows:
Date of change
Class and number of
securities affected
Registered Holder of securities
Person entitled to be
registered as holder (8)Nature of relevant interest
Class and number of
securities
Holder of relevant
interest

5. Changes in association
6. Addresses
The addresses of persons named in this form are as follows:
Signature
Print nameCapacity
Sign hereDate
DIRECTIONS
(1)
(2)See the definition of "associate" in section 9 of the Corporations Act 2001.
(3)See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
(4)The voting shares of a company constitute one class unless divided into separate classes.
(5)The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
(6)Include details of:
(a)
(b)
See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.
(7)
(8)If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".
(9)Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.
L1 Capital Strategic Equity Management Pty LtdLevel 45, 101 Collins Street, Melbourne, VIC, 3001
Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition.
Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the
acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an
equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to
throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the
form.
any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates
(indicating clearly the particular securities to which the qualification applies).
The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in
the company or scheme are as follows:
Nature of association
Name
L1 Capital Pty Ltd
Address
Name and ACN/ ARSN (if applicable)
N/A
Level 45, 101 Collins Street, Melbourne, VIC, 3000
any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any
relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement
certifying this contract, scheme or arrangement; and
23/02/2024
Jane StewartHead of Legal & Compliance

Annexure A
L1 Capital Pty Ltd (ACN 125 378 145) and L1 Capital Strategic Equity Management Pty Ltd (ACN 648 751 928) change in substantial holding in Downer EDI Limited.
This is Annexure "A" of 1 page referred to in the Form 604 (Notice of change of interests of substantial holder)
Print NameJane StewartCapacityHead of Legal & Compliance
Sign HereDate
23/02/2024
Changes in relevant interests
10/08/2023 On-Market Purchase 1,132,219.31$
276,615
FPO
276,615
11/08/2023 On-Market Purchase 747,552.24$
176,747
FPO
176,747
14/08/2023 On-Market Purchase 999,762.19$
238,712
FPO
238,712
18/08/2023 On-Market Purchase 55,844.64$
13,392 FPO 13,392
31/08/2023 On-Market Purchase 1,982,983.88$ 463,756 FPO
463,756
1/09/2023 On-Market Purchase 536,197.82$ 125,932 FPO
125,932
13/09/2023 On-Market Sale 562,685.43$ 135,478 FPO 135,478
19/09/2023 On-Market Sale 2,135,587.60$ 518,436 FPO 518,436
20/09/2023 On-Market Sale 150,161.08$
36,664 FPO 36,664
21/09/2023 On-Market Sale 519,212.65$ 128,320 FPO 128,320
22/09/2023 On-Market Sale
630,518.36$ 155,077 FPO 155,077
25/09/2023 On-Market Sale 228,347.26$ 55,179 FPO 55,179
26/09/2023 On-Market Sale 232,848.97$ 56,901
FPO 56,901
27/09/2023 On-Market Sale 722,803.22$ 175,625 FPO 175,625
28/09/2023 On-Market Purchase 62,311.79$ 15,109 FPO 15,109
29/09/2023
On-Market Purchase 275,303.75$ 66,857 FPO 66,857
20/10/2023 On-Market Purchase 277,960.71$ 72,477 FPO 72,477
23/10/2023 On-Market Purchase
354,410.49$ 92,870 FPO 92,870
24/10/2023 On-Market Purchase 175,958.52$ 46,300 FPO 46,300
25/10/2023 On-Market Purchase 671,831.10$ 176,153
FPO 176,153
26/10/2023 On-Market Purchase 1,088,196.00$ 295,000 FPO 295,000
27/10/2023 On-Market Purchase 866,742.00$ 228,090 FPO 228,090
30/10/2023 On-Market Purchase 922,641.93$ 249,546
FPO
249,546
31/10/2023 On-Market Purchase 2,378,730.74$ 632,981 FPO 632,981
2/11/2023 On-Market Sale
308,908.77$ 81,121 FPO 81,121
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
Date of changePerson whose relevant interest changedNature of change (6)
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
Person's votes affected
L1 Capital Strategic Equity Management Pty Ltd
Consideration given in
relation to change (7)
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
Class and number of
securities affected

2/11/2023 On-Market Purchase
1,549,550.46$
407,683
FPO
407,683
10/11/2023 On-Market Sale 19,145.32$ 5,000 FPO
5,000
15/11/2023 On-Market Purchase 621,877.68$ 152,421
FPO 152,421
17/11/2023 On-Market Purchase 272,463.54$ 67,777 FPO 67,777
20/11/2023 On-Market Purchase 112,249.80$ 27,716 FPO 27,716
21/11/2023 On-Market Purchase 104,456.34$ 25,231 FPO 25,231
23/11/2023 On-Market Purchase 509,415.35$
120,067 FPO 120,067
24/11/2023 On-Market Purchase
58,578.96$ 13,770 FPO
13,770
24/11/2023 On-Market Sale 2,381,802.50$
559,819 FPO 559,819
29/11/2023 On-Market Purchase 36,810.00$
9,000
FPO
9,000
30/11/2023 On-Market Purchase 78,554.48$
18,527
FPO
18,527
1/12/2023 On-Market Purchase
22,867.52$
5,497
FPO
5,497
4/12/2023 On-Market Purchase 1,759.50$
425
FPO
425
5/12/2023 On-Market Purchase 187,669.30$
45,773
FPO
45,773
6/12/2023 On-Market Purchase 53,188.80$
12,664
FPO
12,664
7/12/2023 On-Market Purchase 33,827.04$
8,112
FPO
8,112
8/12/2023 In-Specie Transfer Out
-$
1,228,100
FPO
1,228,100
11/12/2023 On-Market Purchase 25,690.16$
6,059
FPO
6,059
12/12/2023 On-Market Purchase 24,376.83$
5,661
FPO
5,661
12/12/2023 On-Market Sale 395,039.47$
91,804
FPO
91,804
13/12/2023 On-Market Sale 439,825.64$
101,985
FPO
101,985
13/12/2023 On-Market Purchase 98,492.64$
22,850
FPO
22,850
18/12/2023 On-Market Sale 787,936.64$
180,000
FPO
180,000
18/12/2023 On-Market Purchase 32,523.58$
7,427
FPO
7,427
19/12/2023 On-Market Sale 147,848.47$
34,110
FPO
34,110
19/12/2023 On-Market Purchase 56,098.50$
12,948
FPO
12,948
20/12/2023 On-Market Sale 655,172.73$
150,000
FPO
150,000
20/12/2023 On-Market Purchase 17,616.74$
4,041
FPO
4,041
21/12/2023 On-Market Sale 135,117.60$
30,728
FPO
30,728
21/12/2023 On-Market Sale 96,383.93$
22,113
FPO
22,113
22/12/2023 On-Market Sale 156,763.18$
36,268
FPO
36,268
22/12/2023 On-Market Purchase 43,497.10$
10,049
FPO
10,049
27/12/2023 On-Market Purchase 11,261.88$
2,583
FPO
2,583
28/12/2023 On-Market Sale 658,647.24$
150,000
FPO
150,000
28/12/2023 On-Market Purchase 13,119.08$
2,985
FPO
2,985
29/12/2023 On-Market Sale 89,429.59$
20,336
FPO
20,336
29/12/2023 On-Market Purchase
89,429.59$
20,336
FPO
20,336
2/01/2024 On-Market Sale 338,989.12$
77,064
FPO
77,064
2/01/2024 On-Market Purchase 1,411.20$
320
FPO
320
3/01/2024 On-Market Sale 2,006.46$
471
FPO
471
4/01/2024 On-Market Purchase 69,261.70$
16,070
FPO
16,070
8/01/2024 On-Market Purchase 303,787.26$
70,161
FPO
70,161
9/01/2024 On-Market Sale 205,978.28$
46,631
FPO
46,631
9/01/2024 On-Market Purchase 103,058.58$
23,346
FPO
23,346
L1 Capital Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd

10/01/2024 On-Market Sale
3,523,752.00$
808,200
FPO
808,200
10/01/2024
On-Market Purchase
4,287.08$
1,004
FPO
1,004
11/01/2024 On-Market Purchase 13,745.16$
3,204
FPO
3,204
12/01/2024 On-Market Purchase 13,267.68$
3,144
FPO
3,144
15/01/2024 On-Market Purchase 6,415.56$
1,506
FPO
1,506
16/01/2024 On-Market Purchase 4,449.78$
1,062
FPO
1,062
17/01/2024 On-Market Purchase 19,019.37$
4,561
FPO
4,561
18/01/2024 On-Market Sale 213,508.44$
53,244
FPO
53,244
19/01/2024 On-Market Purchase 7,716.76$
1,873
FPO
1,873
22/01/2024 On-Market Sale 337,185.11$
81,633
FPO
81,633
24/01/2024 On-Market Purchase 8,163.54$
1,953
FPO
1,953
29/01/2024 On-Market Purchase 2,382.60$
570
FPO
570
30/01/2024 On-Market Sale 1,230,469.50$
292,282
FPO
292,282
30/01/2024 On-Market Sale 32,530.50$
7,718
FPO
7,718
31/01/2024 On-Market Sale 1,108,699.20$
263,976
FPO
263,976
31/01/2024 On-Market Purchase 21,807.80$
5,180
FPO
5,180
2/02/2024 On-Market Purchase 87,983.35$
20,605
FPO
20,605
7/02/2024 On-Market Sale 3,137,039.74$
710,620
FPO
710,620
8/02/2024 On-Market Sale 3,364,483.12$
761,233
FPO
761,233
8/02/2024 On-Market Sale 613,516.88$
138,767
FPO
138,767
9/02/2024 On-Market Sale 18,274.35$
4,201
FPO
4,201
12/02/2024 On-Market Purchase
212,071.70$
49,319
FPO
49,319
13/02/2024 On-Market Purchase 161,435.36$
37,456
FPO
37,456
14/02/2024 On-Market Sale 199,049.76$
40,131
FPO
40,131
14/02/2024 On-Market Sale 9,821.38$
2,040
FPO
2,040
15/02/2024 On-Market Sale 12,871,359.40$
2,531,701
FPO
2,531,701
16/02/2024 On-Market Sale
3,817,947.64$
749,447
FPO
749,447
16/02/2024 On-Market Sale 1,309,605.99$
258,142
FPO
258,142
19/02/2024 On-Market Sale 917,084.35$
178,318
FPO
178,318
19/02/2024 On-Market Sale 381,109.60$
74,103
FPO
74,103
21/02/2024 On-Market Sale 3,201,339.34$
628,196
FPO
628,196
21/02/2024 On-Market Sale 1,314,753.91$
257,993
FPO
257,993
22/02/2024 On-Market Sale 4,379,570.88$
855,752
FPO
855,752
22/02/2024 On-Market Sale 1,805,346.27$
352,758
FPO
352,758
23/02/2024 On-Market Sale 535,183.01$
107,309
FPO
107,309
23/02/2024 On-Market Sale 220,643.50$
44,241
FPO
44,241
L1 Capital Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Pty Ltd
L1 Capital Pty Ltd

Annexure B
L1 Capital Pty Ltd (ACN 125 378 145) and L1 Capital Strategic Equity Management Pty Ltd (ACN 648 751 928) change in substantial holding in Downer EDI Limited.
This is Annexure "B" of 1 page referred to in the Form 604 (Notice of change of interests of substantial holder)
Print NameJane StewartCapacityHead of Legal & Compliance
Sign HereDate
23/02/2024
Details of present relevant interests
Holder of relevant interestRegistered holder of securities
Persons entitled to be a registered holder
Nature of relevant
interest
Morgan Stanley & Co. International PLCMorgan Stanley & Co. International PLC
Power to (or to control)
exercise vote and/or dispose of
the securities as discretionary
investment managers or
advisers of superannuation
funds, pooled superannuation
trusts, managed investment
schemes and investment
management agreements.
32,873,179
FPO
Merrill Lynch (Australia) Nominees Pty LtdMerrill Lynch (Australia) Nominees Pty Ltd
as above
2,133,019
FPO
Goldman Sachs InternationalGoldman Sachs International
as above
4,391,378
FPO
Citicorp Nominees Pty LtdCiticorp Nominees Pty Ltd
as above
20,766,297
FPO
JPMorgan Chase Bank, N.A.JPMorgan Chase Bank, N.A.
as above
13,191,247
FPO
National Nominees LimitedNational Nominees Limited
as above
2,467,657
FPO
State Street Australia Limited (SSAL)State Street Australia Limited (SSAL)
as above
2,556,160
FPO
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Pty Ltd
Class and number of securities
L1 Capital Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd
L1 Capital Pty Ltd
L1 Capital Strategic Equity Management Pty Ltd